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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/GBP: sell targets – 0.7060 and 0.7010

By: Dima Chernovolov

  • EUR/GBP falls inside intermediate (C)-wave
  • Next sell targets – 0.7060 and 0.7010

 

EUR/GBP has been falling steadily from the start of this month, when the pair reversed down from the resistance zone lying at the intersection of the major resistance level 0.7400 (which has been reversing this currency pair from March, as you can see below), the resistance trendline from December and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active minor impulse wave 3 (of the intermediate (C)-wave from May).

 

EUR/GBP is likely to fall further toward the next sell targets at 0.7060 (low of impulse 1) and 0.7010 (low of wave (A)).

EUR
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